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A billionaire has offered an insight into his financial success – explaining how the process of "getting rich" begins with a simple daily task.
American businessman and TV personality Mark Cuban co-owns NBA's Dallas Mavericks and 2929 Entertainment, and appears as a "shark" on ABC's Shark Tank – the US adaptation of the UK's Dragons' Den. Writing in his blog, the 66-year old explained that the key to success lies in sacrifice.
Back in 2011, the star shared a post entitled, How To Get Rich, in which detailed his path from living with five roommates and sleeping on a floor to appearing on Forbes' World's Richest People list. "It doesn’t suck to be rich," Cuban exclaimed. "The question everyone wants answered, is how to get there."
Whilst there is no "template" to guarantee success for everyone, there are also "no shortcuts" either, he added. The initial advice is simple, however. "Save your money. Save as much money as you possibly can," Cuban said. Of course, this is easier said than done, but he goes on to elaborate: "Instead of coffee, drink water. Instead of going to McDonald’s, eat mac and cheese."
Cuban, who also offers financial tips on his TikTok account, continued: "If you use a credit card, you don’t want to be rich. The first step to getting rich, requires discipline. If you really want to be rich, you need to find the discipline, can you?"
Cuban went on to emphasise that the greatest rate of return you will earn is on your own personal spending. "Being a smart shopper is the first step to getting rich," he said. "You have to give things up and that doesn’t work for everyone, particularly if you have a family.
"That is reality. But whatever you can save, save it. As much as you possibly can. Then put it in 6 month CDs in the bank. The first step to getting rich is having cash available. You arent saving for retirement. You are saving for the moment you need cash."
Once you've began to notice progress this way, Cuban said the second part of your plan should involve becoming an expert in your chosen field – whether that be your passion, a specific industry or a skill set. "Find the one you love the best and GET A JOB in the business that supports it," the billionaire advised. "It may not be the perfect job, but there is no perfect path to getting rich."
"It could be as a clerk, a salesperson, whatever you can find," Cuban added. "You have to start learning the business somewhere. Instead of paying to go to school somewhere, you are getting paid to learn. It may not be the perfect job, but there is no perfect path to getting rich.
"Before or after work and on weekends, every single day, read everything there is to read about the business. Go to trade shows, read the trade magazines, spend a lot of time talking to the people you do business with about their business and the people they buy from."
Cuban warned, however, that the path is not a short-term project. "We aren’t talking days," he clarified. "We aren’t talking months. We are talking years. Lots of years and maybe decades. I didn’t say this was a get rich quick scheme. This is a get rich path."
English (US) ·